Sinsburys Bank payments to YBS reg saver ?

shokadelika

Is it possible to fund YBS reg saver using Sainsburys bank account?

Lavendyr

I am told it is and it is what I am planning to do from October

Stephen_Leak

I don't see any reason why not. Just set up a Standing Order from your SB account to your YBS one.

LondonDawg

opened up a YBS reg saver myself recently to do the same from icesave account, but don't think it will make much of a saving over the year. This is because the monthly standing order takes 3 days to clear from icesave (not taking into account over weekends) and then takes another 3-4 days to transfer to YBS from current account. So every month, will have 1 week where i gain no interest on the amount i transfer. If you can transfer from sainsburys to YBS directly, that would be much better, but icesave wouldn't let me do that.

sav4it

Stephen_Leak wrote: »

I don't see any reason why not. Just set up a Standing Order from your SB account to your YBS one.

I don't think you can do a SO. I think it would have to be a manual one each month.
LondonDawg, why don't you open a Sainsburys one as well?

Lavendyr

Icesave does not let you do this but Sainsburys does.

From the Sainsbury's site:

How do I withdraw money?
Once you have registered for the Online Service, you can go online and transfer funds to another Sainsbury's Bank account and to your Sainsbury's Bank credit cards. You can also set up payment mandates so that you can transfer money to any other account in your name.

http://www.sainsburysbank.co.uk/savings/sav_faq_is_dive.shtml

LondonDawg

Tried to go for sainsburys, but they requested so many id details i decided was not worth the trouble. And they didn't want copies either, they wanted the originals of my passport or driving licence sent through the post. Yeah right! Instead now have icesave. These guys have been great. Also set up hsbc online saver. Easy cos already had current account with them so no proof of id needed. hsbc has 6.25% interest which is good, u get a penalty of a months interest if u make a withdrawl, but will leave this account intact and only withdraw from icesave if needs be.

sav4it

Lavendyr wrote: »

You can also set up payment mandates so that you can transfer money to any other account in your name.

Just to be clear about these mandates. They are for once only payments so if you are desperate for SO so that you can forget about it then Sainsbury's is no good for you for feeding RSers.

bristolleedsfan

sav4it wrote: »

Just to be clear about these mandates. They are for once only payments so if you are desperate for SO so that you can forget about it then Sainsbury's is no good for you for feeding RSers.

whats to stop people setting up these "once only payments" manually every month? ( ive not opened a sainsburys account yet so im not saying what can/cant be done, just posing the question out of interest)

sav4it

Nothing. That's what I propose to do but some people might not want the hassle to have to keep remembering.

ukdutypaid

Yes, get that date wrong as I've just done and you invalidate the whole regular saver T&C's............

That's 4th months of payments wasted at 3.5% rather than just having left it in ICICI in the firt place... Never mind not even having had the Sainsbury account long enough to either have found out about the one off nature of the payments, or even to use it!! hahaahah

Anybody else want to humiliate themselves? There should be a special thread for this..... You ain't gonna get make money by fiddling with all these Reg Savings accounts. Transfering it from here to there then making manual payments.... How much is your time worth,, the stress of having to remember, the cost of gettin git wrong, the lost interest in the 4 8 days of BACS per month..
I'm quickly coming to the conclusion that it just ain't worth it for less than 1%.. Life's too short...

Yours tail between legs............ Dutifully paid